Broking business brings in revenues of £723.9m, up 7%
Jardine Lloyd Thompson (JLT) has reported organic revenue growth of 8.5% for 2013.
Overall revenues at the broking group were up 11% to £979.2m for the year from £880.1m in 2012.
JLT also grew profits over the year, with profits before tax climbing 2% to £154.6m from £151.5m in 2012. The increase in profits was partially reduced by exceptional costs of £22.8m relating to acquisition and integration costs, as well as the costs associated with moving into new London offices.
JLT’s risk and insurance division, its main broking business, reported revenues of £723.9m for 2013, up 7% on 2012. Trading profit for the business also increased, up 7% to £149.9m (2012: £139.7m).
The newly created Towers Re, formed following the acquisition of Towers Watson’s reinsurance broking business, reported revenues for the year to 30 June 2013 of $166m (£109.2m), an increase of 25% on the previous year.
Chief executive Dominic Burke said: “We are pleased to deliver another strong set of results, building on the progress and momentum of previous years, as we continue to execute our clearly defined strategy. Although the external operating and competitive environment remains challenging, JLT’s distinctive culture, clear strategy and expanding platform give us real confidence in our ability to deliver year-on-year financial progress.”